South Korean startup SOUNDFLOOR offers a new and innovative way to buy and sell music. It is hard for musicians to receive fair market value for their work which is why SOUNDFLOOR gives sellers and buyers an alternative opportunity where they know they are getting fair market value for their music. With SOUNDFLOOR buying and selling music will become a lot easier.
There will never be enough creative audio and visual stock sources. There will always be a high demand with so much content being created for online media platforms. CEO Isaac Jung has launched SOUNDFLOOR which is a global open music licensing marketplace as well as a music production freelancing/crowdsourcing platform. He hopes that this service will meet and satisfy the needs of home-recorders, self-producers, and all those that are involved with producing creative content.
Artists can sell their music to buyers in the “Library” function of SOUNDFLOOR and buyers can request specific compositions in the “Project” function of SOUNDFLOOR. Therefore buyers will be able to get tailor-made tunes and sellers will have a platform for freelancing and crowdsourcing.
What is great about SOUNDFLOOR is that the artists and producers hold the power in regards to pricing and the usage permission of the music they wish to license. Which means that since SOUNDFLOOR will be an open market, artists that are uploading the songs will be able to set their own price separately depending on the type of license. Licensing, ownership, and copyright details are also determined by the parties involved. If a full copyright is purchased, the original DAW (Digital Audio Workstation) files are provided and there are no restrictions on what the purchaser does with the audio.
The audio uploaded by the artists can be previewed. A partial segment can be heard through SOUNDFLOOR’s high-quality streaming feature. SOUNDFLOOR will also monitor what is being uploaded with their audio content recognition function to prevent users from registering audio that already exists. However, during the beta period users will have access to the full duration of the audio, no sales commission fees will be applied. Also during the beta service, SOUNDFLOOR will be offering 100% of the revenue from purchased licenses back to the artists (not including the electronic transaction fee). After they launch, that will go down to 70% which is why it will be very beneficial to sign up as quickly as possible because the music that is registered within SOUNDFLOOR during the beta period will maintain the 100% compensation plan.
Artists will only need a SOUNDFLOOR account to become a member and any proceeds earned will go directly into that account. To withdraw the funds into their personal bank account, at least 50,000 won ($50) will need to be transferred. Artists outside of Korea are more than welcome to join.
A special online event will take place where the top 5 weekly artists will be rewarded with a small gift directly from SOUNDFLOOR. This will be a great opportunity for talented artists to enter the mainstream market.